MIE 201 EXAM 4 QUESTIONS WITH VERIFIED
ANSWERS
marketing - Answers - a group of activities designed to expedite transactions, by
creating, distributing, pricing, and promoting goods, services, and ideas
exchange - Answers - act of giving up one thing in return for something else
functions of marketing - Answers - buying, selling, transporting, storing, grading,
financing, marketing research, risk taking
time utility - Answers - ability to satisfy demand in a timely manner
grading - Answers - standardizing products by dividing them into subgroups and
displaying and labeling them so that consumers clearly understand their nature and
quality
value - Answers - a customers' subjective assessment of benefits relative to costs in
determining the worth of a product
marketing concept - Answers - the idea that an organization should try to satisfy
customers' needs through coordinated activities that also allow it to achieve its ow goals
production orientation - Answers - second half of 19th century where new management
ideas, lots of efficiency, and a strong demand for manufactured goods sprouted
market orientation - Answers - 1950s when suppliers realized they must know what
customers want before they produce anything
sales orientation - Answers - first half of 20th century where supply surpassed demand
so suppliers had to sell products.
market - Answers - a group of people who have a need, purchasing power, and desire
and authority to spend money on goods, services, and ideas
target market - Answers - a more specific group of consumers on whose needs and
wants a company focuses its marketing efforts
business to business marketing - Answers - marketing products to customers who will
use the product for resale, direct use in daily operations, or direct use in making other
products
business to consumer marketing - Answers - marketing directly to the end consumer
, total market approach - Answers - firms tries to appeal to everyone and assume that all
buyers have similar needs and wants
market segmentation - Answers - dividing the total market into groups of people
market segment - Answers - a collection of individuals, groups, or organizations who
share one or more characteristics and thus have relatively similar product needs and
desires
concentration approach - Answers - when a company develops one marketing strategy
for a single market segment
multisegment approach - Answers - marketer aims its marketing efforts at two or more
segments developing a marketing strategy for each
niche marketing - Answers - a narrow market segment focus when efforts are on one
small, well defined group that has a unique, specific set of needs
variables of market segmentation - Answers - demographic, geographic, psychographic,
behavioristic
demographic - Answers - age, sex, race, ethnicity, income, education, occupation,
family, seize, religion ,social class.
geographic - Answers - climate, terrain, natural resources, population density,
subcultural values
psychographic - Answers - personality characteristics, motives, lifestyles
behavioristic - Answers - some characteristic of the consumer's behavior. toward the
product
marketing mix - Answers - product, price, distribution, and promotion. firm control these
to achieve specific goals within a dynamic marketing environment.
product - Answers - a complex mix of tangible and intangible attributes that provide
satisfaction and benefits
good - Answers - a physical entity you can touch
service - Answers - application of human and mechanical efforts to people or objects to
provide intangible benefits to customers
ideas - Answers - concepts, philosophies, images, and issues
ANSWERS
marketing - Answers - a group of activities designed to expedite transactions, by
creating, distributing, pricing, and promoting goods, services, and ideas
exchange - Answers - act of giving up one thing in return for something else
functions of marketing - Answers - buying, selling, transporting, storing, grading,
financing, marketing research, risk taking
time utility - Answers - ability to satisfy demand in a timely manner
grading - Answers - standardizing products by dividing them into subgroups and
displaying and labeling them so that consumers clearly understand their nature and
quality
value - Answers - a customers' subjective assessment of benefits relative to costs in
determining the worth of a product
marketing concept - Answers - the idea that an organization should try to satisfy
customers' needs through coordinated activities that also allow it to achieve its ow goals
production orientation - Answers - second half of 19th century where new management
ideas, lots of efficiency, and a strong demand for manufactured goods sprouted
market orientation - Answers - 1950s when suppliers realized they must know what
customers want before they produce anything
sales orientation - Answers - first half of 20th century where supply surpassed demand
so suppliers had to sell products.
market - Answers - a group of people who have a need, purchasing power, and desire
and authority to spend money on goods, services, and ideas
target market - Answers - a more specific group of consumers on whose needs and
wants a company focuses its marketing efforts
business to business marketing - Answers - marketing products to customers who will
use the product for resale, direct use in daily operations, or direct use in making other
products
business to consumer marketing - Answers - marketing directly to the end consumer
, total market approach - Answers - firms tries to appeal to everyone and assume that all
buyers have similar needs and wants
market segmentation - Answers - dividing the total market into groups of people
market segment - Answers - a collection of individuals, groups, or organizations who
share one or more characteristics and thus have relatively similar product needs and
desires
concentration approach - Answers - when a company develops one marketing strategy
for a single market segment
multisegment approach - Answers - marketer aims its marketing efforts at two or more
segments developing a marketing strategy for each
niche marketing - Answers - a narrow market segment focus when efforts are on one
small, well defined group that has a unique, specific set of needs
variables of market segmentation - Answers - demographic, geographic, psychographic,
behavioristic
demographic - Answers - age, sex, race, ethnicity, income, education, occupation,
family, seize, religion ,social class.
geographic - Answers - climate, terrain, natural resources, population density,
subcultural values
psychographic - Answers - personality characteristics, motives, lifestyles
behavioristic - Answers - some characteristic of the consumer's behavior. toward the
product
marketing mix - Answers - product, price, distribution, and promotion. firm control these
to achieve specific goals within a dynamic marketing environment.
product - Answers - a complex mix of tangible and intangible attributes that provide
satisfaction and benefits
good - Answers - a physical entity you can touch
service - Answers - application of human and mechanical efforts to people or objects to
provide intangible benefits to customers
ideas - Answers - concepts, philosophies, images, and issues
